Are you a new real estate investor who is considering hiring a mentor? Maybe you have been approached by a nationwide company or two. Maybe you have read or heard about top gurus who offer his/her mentoring services. Here are Four Reasons Why A Locally Based Real Estate Mentor is Best.
1) Because a local Real Estate Investing Mentor knows the local market. All techniques do work in all places but not always at the same time.
2) With a local Real Estate Investing Mentor you can set up regular face to face meetings (such as meeting once a month before your monthly REIA meeting).
3) Plus a local Real Estate Investing Mentor can help you build your team. Specifically, he/she can recommend where to go for money (or where to guide your investor buyers for funds if you are only going to wholesale). A local mentor will know which Real Estate attorneys are better to use than others. A local mentor will know if your renovation estimates are within range and he/she may even be willing to share some contractor contacts.
4) Different states have different laws. There are a handful of states with pending or new real estate laws on the books right now. A local Real Estate Investing Mentor should know this).
I was at a conference in Orlando this past summer where a nationwide investor (on the seminar circuit) was speaking. He was pitching his foreclosure product, and specifically how to contact owners in pre-foreclosure.
I had a few new real estate investors come up to me and ask me their opinion on purchasing it. Now, don't get me wrong, it is probably a good product. But the State of Maryland passed a law a few years ago that has very specific requirements on anyone (other than a Realtors & Attorneys) approaching people facing foreclosure. Investors who do not know about this law are going to jail. This nationwide investor never said anything about knowing your state and local laws.
So, depending on what you are looking to gain from a mentor it may or may not be right for you. It may be a matter of generalities vs. specifics. For example, I can give you 20 different ways to find motivated sellers. But, someone locally can tell you the easiest or best ways to find them in your local community.
The bottom line is that if you choose a Real Estate Investing Mentor who is not in your area, be sure to continue to attend your local REIA meetings where you should be able to keep a handle on anything that's going on in your specific area, as well as be able to get and maintain good contacts.
Lastly, I would not recommend paying thousands of dollars unless you are 100% clear on exactly what is and is not included. Know their refund policy. Do research. Protect yourself. Needless to say, not all Real Estate Investing Mentors are created equally.
About the Author:
Chris Parks is a member of a small group of Real Estate Investors and Entrepreneurs who created Real Estate Investing for Newbies http://www.REIforNewbies.com in order to teach and assist new Real Estate Investors in a step-by-step and easy-to-understand manner.
Please Visit http://www.REIforNewbies.com Today to Claim Your Free 7-Day eCourse!
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